Canadian gold exploration and development company Victoria Gold Corp. has announced the restructuring of C$32.5 million ($24.2 million) bought deal (BD) financing.

The syndicate of underwriters, led by BMO Capital Markets, have agreed to restructure the financing, carving out a portion to be settled on a brokered private placement basis.

The common shares are being offered and sold at a price of $0.33 per common share. Victoria Gold will use the net proceeds for construction and operations of the Eagle Gold Mine and for general corporate purposes.

The offering, subject to the company receiving all necessary regulatory approvals, is expected to be finalized on or about April 2, 2019.